Decorative Coatings Market worth $98.9 billion by 2027 | Key players The Sherwin-Williams Company, PPG Industries, Inc, AkzoNobel N.V., BASF Coating GMBH, Asian Paints Limited.

According to recent market research the "Decorative Coatings Market by Resin Type (Acrylic, Alkyd, vinyl, Polyurethane), Technology, Coating Type (Interior and Exterior), Color Type, User Type (DIY and Professional), Product Type, Application), and Region - Global Forecast to 2027", size is projected to grow from USD 82.0 billion in 2022 to USD 98.9 billion by 2027, at a CAGR of 3.8%. The decorative coating market is divided into five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. China and India, among other countries, are leading the decorative coatings market globally. The market in Asia Pacific is witnessing high growth, which is expected to continue because of increasing residential construction and improved home remodelling practices.

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The leading global companies are shifting their production base, establishing sales offices, and enhancing distribution channels to regions, including Asia Pacific, which offer a sustained demand. The gradual shift of manufacturing facilities to countries with high demand and lower production costs positively influences the market's growth. The key producers control a major share of the total global market. As a result, there is severe competitive pressure on architectural coating producers to reduce the price of decorative coatings to gain market share at the expense of other competitors. Furthermore, regulatory standards regarding solvent usage and VOC emissions are crucial parameters to be considered by architectural coating suppliers.

Alkyds are formed because of the polymerization reaction between an alcohol and an acid, modified by the addition of oils. Usually, they are made from polyols, dibasic acids, and fatty acids. They are also known as oil-modified polyesters. The oil content of the final product can extremely vary (from 30 to more than 70% of the total volume of the resin), which greatly influences the physico-chemical properties. The polymer structure of alkyd resins makes them particularly suitable to be used as a basis for enamels and paints with specific characteristics. Alkyds are the oldest type of binders used in coatings. One of their most important attributes is good compatibility with other coating polymers. For example, vinyl resins, i.e., copolymers of vinyl chloride and vinyl acetate, contain hydroxyl groups, which can be formulated with alkyd resins to improve their application properties.

The most used polyol is glycerol, and the most used dibasic acid is phthalic anhydride. Many variations in the constituents and portions of alkyd coating materials are available. Different binders such as drying oils, phenolic resins, amino resins, nitrocellulose, maleic resins, chlorinated rubber, and cyclized rubber can be used. The long-emulsified oil-drying alkyds are also added to synthetic latex house paints to improve adhesion to chalky painted surfaces.

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Water-based coating technology is formulated with water as the base. Water is the main solvent in this technology, but it also contains other solvents, for instance, glycol ethers. There is about 80% water content in the entire formulation of water-based coating. The major advantage of this technology is low toxicity & flammability due to low VOC levels and HAP emissions, which helps reduce air emissions. A coating with this technology has excellent adhesion and greater heat resistance compared to other technologies. Water-based coatings have a VOC content of fewer than 3.5 pounds per gallon of water. Almost all types of resins, such as vinyl, two-component acrylics, epoxies, polyesters, alkyd, and urethanes, are available in water-based versions. Water-based coatings are classified based on how the resin is fluidized. The four main types are water-soluble paints, water-dispersible paints or colloidal coatings, emulsions/latex paints, and water-based alkyds. In each category, the physical properties and performance depend on the type of resin used.

Asia Pacific is a rapidly developing region that offers opportunities for various industry players. Most of the leading players in North America and Europe are planning to move their production bases to this region because of the availability of inexpensive raw materials, low production costs, and the need to serve the local markets better. The demand for premium products is increasing in the region due to the growth of the middle-class population. Government initiatives are also helping the growth of the building and construction industry. These factors are expected to play an important role in driving the decorative coatings market.

Major players operating in the decorative coatings include The Sherwin-Williams Company (US), PPG Industries, Inc (US), AkzoNobel N.V. (The Netherlands), BASF Coating GMBH (Germany), Jotun A/s (Norway), Asian Paints Limited (India), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), RPM International, Inc (US), Masco Corporation (US), and others.

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PPG Industries, Inc: PPG Industries, Inc. is a US-based supplier of paints, coatings, optical products, specialty materials, glass, and fiberglass. The company operates through three business segments, namely, performance coatings, industrial coatings, and glass. It caters to the needs of a number of end-use industries, such as construction, consumer products, industrial, and transportation. The company offers automotive coatings under its industrial coatings segment. It has a presence in North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa, with operations in over 156 countries.
• In October 2021, The COMEX brand by PPG launched Comex VINIMEX TOTAL Antiviral and Antimicrobial paint. It reduces 99.9% of bacteria and viruses responsible for the most common gastrointestinal and respiratory illnesses, including Influenza A H1N1 and the COVID-19 virus, SARS-CoV-2.
The Sherwin-Williams Company: Sherwin-Williams is a diversified coatings company and a leading supplier of advanced technology liquid and powder coatings for the global OEM market through 15 manufacturing and 79 facility locations across the US, Canada, Mexico, and China. The company has a wide product portfolio, which includes brands, such as Sherwin-Williams, HGTV HOME by Dutch Boy, Krylon, Minwax, and Thompson's Water Seal. Sherwin-Williams has a strong customer base and operates in various countries in Europe, North America, Asia Pacific, and other regions.
• In January 2021, The Sherwin-Williams Company launched SuperPaint. The Living Well collection includes two products that expand the popular SuperPaint product line with added air purifying and sanitizing technologies. They provide rich, long-lasting color, and exceptional durability. They are low-VOC paints and can help in improving indoor air quality in many rooms. These paints are recommended for high-traffic areas, such as kitchens and bathrooms.

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